Industrial Policy Reforms 3.0 for India
INDUSTRIALISATION OF INDIA Industrial Policy Reforms 3.0 for Unleashing Manufacturing Growth Subhash Chandra Garg Economy, Finance and Fiscal Policy Strategist; Former Economic Affairs and Finance Secretary, Government of India SUMMARY Industrialisation of an economy takes place when the entrepreneur (capital), risking his capital, uses most efficient/appropriate machines (technology) and rightly skilled human capital (labour) to produce new capital goods/machines and consumer products converting primarily raw material from the nature or other products of agriculture/ another industry. This trio of enterprise, technology and labour is at the heart of success or failure of industrialisation. The industrial policy of a country succeeds or fails depending upon its ability to get this concoction of enterprise, technology and labour right or wrong. The invention of steam engine released the power constraint of agriculture production system. Industrial era technolo...